U.S. Dollar Higher On Fed Rate Hike Odds
14 Octubre 2022 - 06:14AM
RTTF2
The U.S. dollar appreciated against its major counterparts in
the European session on Friday, on expectations that the Federal
Reserve will stick to its aggressive policy tightening path in the
coming months.
Higher-than-expected U.S. inflation data raised the possibility
of an aggressive policy tightening in the subsequent meetings this
year.
Markets are fully pricing in a fourth consecutive 75 basis-point
rate hike by the Fed in November.
In the U.K., Prime Minister Liz Truss appointed Jeremy Hunt as
the finance minister following the resignation of Kwasi
Kwarteng.
Geopolitical concerns eased after Russian President Vladimir
Putin said that the "partial mobilisation" would end within two
weeks and a further escalation is unlikely.
Data from the Commerce Department showed that U.S. retail sales
unexpectedly came in unchanged in the month of September.
The Commerce Department said retail sales were virtually
unchanged in September after rising by an upwardly revised 0.4
percent in August.
Data from the Labor Department showed another steep drop in U.S.
import prices in the month of September.
The report showed import prices plunged by 1.2 percent in
September after tumbling by a revised 1.1 percent in August.
The greenback firmed to 148.37 against the yen, its strongest
level since 1990. If the greenback rises further, it may locate
resistance around the 152.00 level.
The greenback edged up to 1.0059 against the franc and 1.1156
against the pound, off its prior lows of 0.9964 and 1.1366,
respectively. The currency is likely to challenge resistance around
1.03 against the franc and 1.10 against the pound.
Reversing from its early 4-day lows of 1.3704 against the loonie
and 0.6347 against the aussie, the greenback bounced off to 1.3862
and 0.6234, respectively. The next possible resistance for the
dollar is seen around 1.41 against the loonie and 0.60 against the
aussie.
The greenback moved up to 0.9707 against the euro and 0.5576
against the kiwi, after falling to a 1-week low of 0.9809 and an
8-day low of 0.5681, respectively in early deals. The greenback is
seen finding resistance around 0.94 against the euro and 0.535
against the kiwi.
Euro vs US Dollar (FX:EURUSD)
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